Posts in category: CatchUp

The Federal Ministry of Finance wishes to address recent media reports suggesting that the Federal Government has discontinued the practice of allowing revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source.

We categorically state that these reports are inaccurate and misleading.

At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.

For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.

What is underway are ongoing policy discussions in line with the directives of His Excellency, President Bola Ahmed Tinubu, to review cost of collection structure. These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management. However, no final decision has been made on this matter.

The Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication.

We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion. The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy.

Signed

Mohammed Manga, FCAI

Director, Information and Public Relations

October 8, 2025

www.finance.gov.ng

The Federal Government has reiterated its commitment for stronger collaboration with the private sector with a view to driving inclusive economic growth and development.

Speaking during the closing ceremony at the 31st Nigerian Economic Summit (NES), the Honourable

Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun commended the Nigerian Economic Summit Group (NESG) for convening a productive dialogue that brought government, business leaders, and civil society together to align behind reforms essential to Nigeria’s ambition of a $1 trillion economy by 2030.

He stressed that the Summit was about commitments, not communiqués, and confirmed that its outcomes would be translated into a time-bound reform matrix, integrated into the Medium-Term National Development Plan.

Highlighting infrastructure as a catalyst for growth, Mr. Edun pointed to Nigeria’s Highway Development Management Initiative, targeting 5,300 kilometers of roads under public-private partnerships, more than twice Indonesia’s comparable achievement in 2022. This, he noted, demonstrates government’s determination to leverage private capital to expand infrastructure, boost competitiveness, and unlock new opportunities across ECOWAS and AfCFTA markets.

The Minister also reaffirmed investment in human capital as central to Nigeria’s productivity, citing continued commitment to health, education, and livelihoods through the National Human Capital Development Programme.

For the private sector, the Summit provided clarity on reform priorities and underscored government’s resolve to deliver a more predictable and enabling environment for business growth. Reforms must translate into better living standards and lift millions out of poverty. That is the true measure of inclusive growth and the promise of the Renewed Hope Agenda, HM Edun concluded.

Signed

Mohammed Manga, FCAI

Director, Information and Public Relations

October 10, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met on Friday in his office in Abuja with Flutterwave Technology Solutions Limited and the Ministry of Finance Incorporated (MOFI)  to explore a potential strategic partnership.

Flutterwave, Africa’s foremost fintech, showcased how its cross-border payment infrastructure is powering trade, financial access, and entrepreneurship across more than 30 countries. HM Edun commended the company’s role in driving innovation and reaffirmed the Federal Government’s commitment to investments that expand financial inclusion, empower small businesses, and position Nigeria at the centre of Africa’s digital transformation.

The meeting concluded with agreement on a clear roadmap for collaboration. Once finalized, the partnership would not only strengthen Nigeria’s digital economy but also reinforce private sector confidence in the country’s innovation landscape.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

October 11, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the pivotal role of the private sector in Nigeria’s economic revival, while also underscoring the decisive reforms that reshapes the nation’s economic landscape.

Speaking during the 60th Anniversary and 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), on Tuesday in Abuja, HM Edun commended the institute for six decades of professional excellence and integrity. He noted that under President Bola Ahmed Tinubu’s leadership, bold reforms are restoring credibility and driving productivity across key sectors.

These reforms are ushering in a new era that rewards innovation and enterprise over rent-seeking, he said.

The results are becoming evident: GDP grew by more than 4% in Q2 2025, industrial output rose 7.45%, inflation eased to 20.1% in August, and a record ₦7.4 trillion trade surplus reflects renewed competitiveness. Foreign reserves have also strengthened to $42 billion, while the naira has gained stability, narrowing the gap between official and parallel markets.

For the business community, the Minister emphasised that government reforms are laying a foundation of transparency, predictability, and accountability. The private sector accounts for 90% of GDP and remains the engine of growth. Government’s role is to enable, not crowd out, enterprise, Edun stated.

Looking ahead, HM Edun reaffirmed government’s ambition to achieve 7% GDP growth through investment in infrastructure, export expansion, fiscal discipline, and digital public financial management.

The ICAN conference continues to provide a vital platform for dialogue on reforms, professional ethics, and sustainable development.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
October 9, 2025

www.africmil.org

FEDERAL MINISTRY OF FINANCE, ABUJA

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed Nigeria’s commitment to bold reforms that are restoring stability, strengthening investor confidence, and laying the foundation for inclusive growth.

Speaking at the 31st Nigerian Economic Summit in Abuja, HM Edun said the country is at a pivotal moment where decisive action will determine its economic future. He pointed to significant progress already achieved; including stabilisation of the naira, improved foreign exchange management, higher federal allocations, and early signs of easing inflation.

The Minister highlighted four priorities to sustain momentum: reforming fiscal policy, raising Nigeria’s tax-to-GDP ratio through automation and technology, curbing inflation, and unlocking private sector investment. With tax revenues at just 13% of GDP compared to 50–60% in peer economies, he stressed the urgency of widening the base to fund critical infrastructure and social programmes.

On social investments, the Minister announced that the Direct Benefit Transfer Scheme has already reached over 8 million Nigerians, with a target of 15 million households by year-end. Every beneficiary, he added is biometrically identified and digitally paid, ensuring transparency and impact.

Reiterating the central role of private enterprise, he noted that reforms are creating a more competitive climate for investment in energy, agriculture, transport, and digital infrastructure. Nigeria’s demographic advantage means our youth will form a major part of the global workforce by 2050, Edun said. Our task is to equip them to seize that opportunity, he added further

The Minister underscored President Bola Ahmed Tinubu’s commitment to policies that deliver fiscal stability, attract investment, and ensure prosperity is broadly shared.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
October 7, 2025

www.finance.gov.ng

The Federal Government has taken a significant step towards realizing its green growth agenda with the $100 million Orteva Carbon Project, a landmark initiative aimed at unlocking climate finance, generating carbon credits, and accelerating the country’s transition to a sustainable economy.

This was disclosed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today in his office in Abuja when he received a delegation from Orteva, in partnership with the Delta State Government and Eighth Versa, for strategic discussions on the project.

Commending the project, the Minister described it as a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation.

 He stressed that initiatives of this scale are central to Nigeria’s Energy Transition Plan and will diversify revenue streams beyond oil, attract foreign exchange, and create jobs.

With components ranging from mangrove conservation to biochar production, the project is expected to generate between $350 million and $2.8 billion in carbon credit revenue, positioning Nigeria as a leading hub for credible carbon trading in Africa.

HM Edun assured that the Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms, He added For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.

The Federal Ministry of Finance reaffirmed its readiness to provide the policy, fiscal, and credit-enhancement structures needed to attract both domestic and international financing. The Orteva Carbon Project signals Nigeria’s new economic frontier, where sustainability and profitability converge to power inclusive growth.

Signed

Mohammed Manga FCAI
Director, Information and Public Relations
October 7, 2025

www.finance.gov.ng

The Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative met earlier today to review developments in the downstream oil sector.

The meeting, chaired by the Honourable Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, noted two recent issues: the purported suspension of the Naira-for-crude oil arrangement by the Dangote Refinery, which has since been amicably resolved, and the concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the Dangote Refinery.

The meeting had in attendance the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who also chairs the Technical Committee, the representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company (NNPC) Ltd., Central Bank of Nigeria (CBN), Afreximbank, and the Dangote Refinery reaffirmed that there will be no disruption in the supply of refined petroleum products across the country.

For the avoidance of doubt, the committee reassured that the crude oil for the Naira initiative will continue. It also assured that all outstanding issues, particularly the dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery, are being addressed with urgency and in good faith.

The federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market.

Signed
Mohmmed Manga FCAI
Director, Information and Public Relations
September 28, 2025

www.finance.gov.ng

In recognition of her outstanding contributions to peace, progress, and development, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, has been conferred with the esteemed chieftaincy title of Ada Ukwu Ndi Orlu Zone by His Imperial Majesty, Eze (Dr) Thomas Obiwuru Obiefule, the Paramount Ruler of Umudioka Ancient Kingdom, Orlu Local Government Area of Imo State, Nigeria

The presentation ceremony, which was held today in her office in Abuja, was a testament to Dr. Uzoka-Anite’s dedication to public service and her commitment to peace, progress, and development of not only Orlu Zone, Imo State, but Nigeria as a whole.

This followed the conferment undertaken by Nigeria’s Corporate Existence Commemorative Palace, Ancient Kingdom of Umudioka

His Imperial Majesty, Eze Obiefule, praised Dr. Uzoka-Anite’s numerous contributions, saying, Dr. Uzoka-Anite is one of the distinguished daughters of Orlu that we are proud of. In the interest of our people, I came personally to present this certificate to honour her for public service and support for development.

Eze (Dr) Thomas Obiwuru Obiefule is the Okairuro I Okwara Akubueze II and Paramount Ruler of Umudioka Ancient Kingdom Orlu Local
Government Area, Imo State. He is a long-serving traditional ruler and has been associated with various state and national councils of traditional rulers.

Responding, the Minister expressed her gratitude for the honour, dedicating the recognition to the Nigerian people and acknowledging the leadership of President Bola Ahmed Tinubu, under whose Renewed Hope Agenda, she continues to serve.

She pledged to uphold the dignity of the office and work towards peace, opportunity, and prosperity for the people of Orlu Zone, Imo State, and Nigeria.
I accept this title with humility and a deep sense of responsibility. By the grace of God, I will continue to uphold the dignity of this office and work for peace, opportunity, and prosperity for the people of Orlu Zone, Imo State and Nigeria as a whole, Dr Uzoka-Anite said

The title Ada Ukwu, meaning great daughter or first daughter in Igbo, is a prestigious honour reserved for women who exemplify service, integrity, and leadership in their communities. Orlu Zone comprises twelve Local Government Areas in Imo State.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 22, 2025

www.finance.gov.ng

The Economic Management Team, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Thursday met in his office in Abuja to review Nigeria’s economic performance and sectoral priorities.

The meeting welcomed further signs of stability in the economy, with inflation easing for the fifth consecutive month to 20%, GDP growth holding above 3%, and a merchandise trade surplus of ₦7.4 trillion in Q2 2025 — outcomes underpinned by a competitive exchange rate and disciplined reforms.

The session also featured the presentation of the National Livestock Growth and Advancement Strategy (NL-GAS) by the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha. This two-phased, 10-year plan aims to double herd size and expand sectoral output by at least 100% by 2035 through strong public–private collaboration.

HM Edun affirmed that initiatives such as NL-GAS, aligned with Nigeria’s broader reform agenda, demonstrate the government’s commitment to unlocking investment, enhancing food security, and laying a foundation for sustainable, private-sector-led growth.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 20, 2025

www.finance.gov.ng